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Vornado Realty Trust VNO
Real Estate - REIT - Office - NYSE - US
Watchlist
$ 38.89
3.68 %
$ 7.46 B
Market Cap
959.0
P/E
1. INTRINSIC VALUE

This DCF valuation model was last updated on May, 7, 2025.

The intrinsic value of one VNO stock under the worst case scenario is HIDDEN Compared to the current market price of 38.9 USD, Vornado Realty Trust is HIDDEN

VNO Intrinsic Value
HIDDEN
SHOW

This DCF valuation model was last updated on May, 7, 2025.

The intrinsic value of one VNO stock under the base case scenario is HIDDEN Compared to the current market price of 38.9 USD, Vornado Realty Trust is HIDDEN

VNO Intrinsic Value
HIDDEN
SHOW

This DCF valuation model was last updated on May, 7, 2025.

The intrinsic value of one VNO stock under the best case scenario is HIDDEN Compared to the current market price of 38.9 USD, Vornado Realty Trust is HIDDEN

VNO Intrinsic Value
HIDDEN
SHOW
2. FUNDAMENTAL ANALYSIS

Price Chart VNO

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1M 13%
6M -5%
1Y 60%
3Y 27%
5Y 29.0%
All
$46.0$46.0$44.0$44.0$42.0$42.0$40.0$40.0$38.0$38.0$36.0$36.0$34.0$34.0$32.0$32.0$30.0$30.015 Nov15 NovDec '24Dec '2415 Dec15 DecJan '25Jan '2515 Jan15 JanFeb '25Feb '2515 Feb15 FebMar '25Mar '2515 Mar15 MarApr '25Apr '2515 Apr15 AprMay '25May '25
FINANCIALS
1.79 B REVENUE
-1.30%
Growth Rates
1Year -1.30%
3Years 4.00%
5Years -1.47%
7Years -2.17%
10Years -3.81%
264 M OPERATING INCOME
-67.66%
Growth Rates
1Year -67.66%
3Years -11.46%
5Years -38.78%
7Years -11.23%
10Years -10.67%
20.1 M NET INCOME
-38.83%
Growth Rates
1Year -38.83%
3Years -54.07%
5Years -64.02%
7Years -30.78%
10Years -32.40%
538 M OPERATING CASH FLOW
-17.04%
Growth Rates
1Year -17.04%
3Years -10.96%
5Years -4.09%
7Years -6.49%
10Years -7.20%
-597 M INVESTING CASH FLOW
-363.84%
Growth Rates
1Year -363.84%
3Years -3.92%
5Years -4.44%
7Years -16.40%
10Years -0.39%
-258 M FINANCING CASH FLOW
7.64%
Growth Rates
1Year 7.64%
3Years -105.98%
5Years 35.09%
7Years 3.82%
10Years -19.10%
462 M REVENUE
0.83%
Growth Rates
1Year -1.30%
3Years 4.00%
5Years -1.47%
7Years -2.17%
10Years -3.81%
198 M OPERATING INCOME
175.15%
Growth Rates
1Year -67.66%
3Years -11.46%
5Years -38.78%
7Years -11.23%
10Years -10.67%
86.8 M NET INCOME
0.00%
Growth Rates
1Year -38.83%
3Years -54.07%
5Years -64.02%
7Years -30.78%
10Years -32.40%
0 OPERATING CASH FLOW
0.00%
Growth Rates
1Year -17.04%
3Years -10.96%
5Years -4.09%
7Years -6.49%
10Years -7.20%
0 INVESTING CASH FLOW
100.00%
Growth Rates
1Year -363.84%
3Years -3.92%
5Years -4.44%
7Years -16.40%
10Years -0.39%
-470 M FINANCING CASH FLOW
-168.02%
Growth Rates
1Year 7.64%
3Years -105.98%
5Years 35.09%
7Years 3.82%
10Years -19.10%
Balance Sheet Vornado Realty Trust
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Current Assets 1.72 B
Cash & Short-Term Investments 734 M
Receivables 766 M
Other Current Assets 216 M
Non-Current Assets 14.3 B
Long-Term Investments 2.69 B
PP&E 679 M
Other Non-Current Assets 10.9 B
4.59 %4.79 %16.82 %4.24 %68.21 %Total Assets$16.0b
Current Liabilities 977 M
Accounts Payable 0
Short-Term Debt 575 M
Other Current Liabilities 402 M
Non-Current Liabilities 8.85 B
Long-Term Debt 8.44 B
Other Non-Current Liabilities 408 M
5.85 %4.10 %85.90 %4.15 %Total Liabilities$9.8b
EFFICIENCY
Earnings Waterfall Vornado Realty Trust
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Revenue 1.79 B
Cost Of Revenue 928 M
Gross Profit 860 M
Operating Expenses 149 M
Operating Income 264 M
Other Expenses 244 M
Net Income 20.1 M
2b2b2b2b1b1b1b1b1b1b800m800m600m600m400m400m200m200m002b(928m)860m(149m)264m(244m)20mRevenueRevenueCost Of RevenueCost Of RevenueGross ProfitGross ProfitOperating ExpensesOperating ExpensesOperating IncomeOperating IncomeOther ExpensesOther ExpensesNet IncomeNet Income
RATIOS
48.10% GROSS MARGIN
48.10%
Averages
1Year 48.10%
3Years 49.86%
5Years 49.55%
7Years 50.79%
10Years 53.17%
14.76% OPERATING MARGIN
14.76%
Averages
1Year 14.76%
3Years 16.69%
5Years 12.55%
7Years 35.58%
10Years 33.06%
3.94% NET MARGIN
3.94%
Averages
1Year 3.94%
3Years -3.83%
5Years -6.13%
7Years 21.96%
10Years 23.33%
1.36% ROE
1.36%
Averages
1Year 1.36%
3Years -1.09%
5Years -1.50%
7Years 7.05%
10Years 7.98%
0.44% ROA
0.44%
Averages
1Year 0.44%
3Years -0.41%
5Years -0.61%
7Years 2.40%
10Years 2.63%
0.79% ROIC
0.79%
Averages
1Year 0.79%
3Years 0.80%
5Years 0.75%
7Years 3.30%
10Years 3.28%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Vornado Realty Trust
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800m800m700m700m600m600m500m500m400m400m300m300m200m200m100m100m0020162016201720172018201820192019202020202021202120222022202320232024202420252025
Net Income 20.1 M
Depreciation & Amortization 469 M
Capital Expenditures 0
Stock-Based Compensation 30.2 M
Change in Working Capital -57 M
Others 7.1 M
Free Cash Flow 538 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Vornado Realty Trust
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Wall Street analysts predict an average 1-year price target for VNO of $34.6 , with forecasts ranging from a low of $24 to a high of $45 .
VNO Lowest Price Target Wall Street Target
24 USD -38.29%
VNO Average Price Target Wall Street Target
34.6 USD -10.97%
VNO Highest Price Target Wall Street Target
45 USD 15.71%
Price
Max Price Target
Min Price Target
Average Price Target
454540403535303025252020Jun '24Jun '24Jul '24Jul '24Aug '24Aug '24Oct '24Oct '24Nov '24Nov '2420252025Feb '25Feb '25Apr '25Apr '25Jun '25Jun '25Jul '25Jul '25Aug '25Aug '25Oct '25Oct '25Nov '25Nov '2520262026Feb '26Feb '26Apr '26Apr '26
4. DIVIDEND ANALYSIS
0.22% DIVIDEND YIELD
0.74 USD DIVIDEND PER SHARE
Q1
Q2
Q3
Q4
4.000004.000003.500003.500003.000003.000002.500002.500002.000002.000001.500001.500001.000001.000000.500000.500000.000000.000000.50930.50930.573970.630.660.660.530.530.3750.50930.50930.573970.630.660.660.530.530.50930.50930.60.630.660.530.530.530.50932.040.50932.040.62.350.632.520.662.641.953.800.532.120.532.120.530.910.30.300.740.7420152015201620162017201720182018201920192020202020212021202220222023202320242024
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5. COMPETITION
slide 2 of 9
6. Ownership
Insider Ownership Vornado Realty Trust
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Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
89.7 K USD 1
6-9 MONTHS
0 USD 0
9-12 MONTHS
56.4 K USD 1
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
7. News
Vornado Realty Trust (VNO) Q1 2025 Earnings Call Transcript Vornado Realty Trust (NYSE:VNO ) Q1 2025 Earnings Conference Call May 6, 2025 10:00 AM ET Company Participants Steve Borenstein - EVP & Corporate Counsel Steven Roth - Chairman & CEO Michael Franco - President & CFO Glen Weiss - EVP, Office Leasing & Co-Head, Real Estate Barry Langer - EVP, Development & Co-Head, Real Estate Thomas Sanelli - EVP, Finance & CAO Conference Call Participants Steve Sakwa - Evercore ISI Dylan Burzinski - Green Street John Kim - BMO Capital Markets Floris van Dijkum - Compass Point Alexander Goldfarb - Piper Sandler Jana Galan - Bank of America Seth Bergey - Citi. Anthony Paolone - JPMorgan Caitlin Burrows - Goldman Sachs Ronald Kamdem - Morgan Stanley Nick Yulico - Scotiabank Operator Good morning, and welcome to the Vornado Realty Trust First Quarter 2025 Earnings Call. seekingalpha.com - 1 week ago
Vornado's Q1 FFO & Revenues Beat Estimates, Same-Store NOI Rises VNO's Q1 results reflect growth in same-store NOI, aided by higher leasing activity. zacks.com - 1 week ago
Compared to Estimates, Vornado (VNO) Q1 Earnings: A Look at Key Metrics While the top- and bottom-line numbers for Vornado (VNO) give a sense of how the business performed in the quarter ended March 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values. zacks.com - 2 weeks ago
Vornado (VNO) Tops Q1 FFO and Revenue Estimates Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.63 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to FFO of $0.55 per share a year ago. zacks.com - 2 weeks ago
Vornado Announces First Quarter 2025 Financial Results NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today: Quarter Ended March 31, 2025 Financial Results NET INCOME attributable to common shareholders for the quarter ended March 31, 2025 was $86,842,000, or $0.43 per diluted share, compared to a net loss attributable to common shareholders of $9,034,000, or $0.05 per diluted share, for the prior year's quarter. The increase is primarily due to the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17,240,000 reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination. globenewswire.com - 2 weeks ago
Vornado Completes Master Lease with New York University for 770 Broadway NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment to Vornado of $935 million and will also make annual lease payments to Vornado of approximately $9.3 million during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU will assume the existing office leases and related tenant income at the property. globenewswire.com - 2 weeks ago
Vornado Declares Quarterly Dividends On Preferred Shares NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends: globenewswire.com - 2 weeks ago
Vornado Announces First Quarter Earnings Release Date and Conference Call Information NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it will file its quarterly report on Form 10Q for the quarter ended March 31, 2025 with the U.S. Securities and Exchange Commission and issue its first quarter earnings release on Monday, May 5, 2025, after the New York Stock Exchange has closed. The Company will host a quarterly earnings conference call and an audio webcast on Tuesday, May 6, 2025 at 10:00 a.m. Eastern Time (ET). globenewswire.com - 3 weeks ago
Vornado Announces PENN 1 Ground Rent Reset Determination NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that the panel appointed to determine the ground rent payable by Vornado's subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 has determined that the annual rent payable during the current 25-year term will be $15 million. globenewswire.com - 3 weeks ago
Vornado's Retail JV Boosts Strength With $450M Financing VNO's retail JV completes $450-million financing of 1535 Broadway. zacks.com - 1 month ago
Vornado's Retail JV Completes $450 Million Financing of 1535 Broadway NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 52% owned street retail joint venture has completed a $450 million financing of 1535 Broadway, a premier Times Square retail destination with full blockfront 4K LED signage. The interest only, non–recourse loan carries a fixed rate of 6.90% and matures in May 2030. globenewswire.com - 1 month ago
Is it Wise to Retain Vornado Realty Stock in Your Portfolio Now? VNO is well-poised to gain from its premium assets in select high-rent markets and portfolio-repositioning efforts despite choppiness in the office real estate market. zacks.com - 1 month ago
8. Profile Summary

Vornado Realty Trust VNO

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COUNTRY US
INDUSTRY REIT - Office
MARKET CAP $ 7.46 B
Dividend Yield 0.22%
Description Vornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.
Contact 888 Seventh Avenue, New York, NY, 10019 https://www.vno.com
IPO Date March 17, 1980
Employees 2996
Officers Mr. Barry S. Langer Executive Vice President of Development & Co-Head of Real Estate Ms. Deirdre K. Maddock Senior Vice President & Chief Accounting Officer Mr. Thomas Sanelli Executive Vice President of Finance & Chief Administrative Officer Ms. Catherine C. Creswell Director of Investor Relations Mr. Haim H. Chera Executive Vice President & Head of Retail Mr. Robert Entin Chief Information Officer & Executive Vice President Robert Larson Senior Vice President of Operations Mr. Steven Roth Chairman of the Board & Chief Executive Officer Mr. Michael J. Franco President & Chief Financial Officer Mr. Glen J. Weiss Executive Vice President of Office Leasing & Co-Head of Real Estate